Medtronic (NYSE:MDT) Trading 0.5% Higher Following Analyst Upgrade

Medtronic plc (NYSE:MDT)’s share price was up 0.5% on Thursday after Sanford C. Bernstein raised their price target on the stock from $96.00 to $97.00. Sanford C. Bernstein currently has an outperform rating on the stock. Medtronic traded as high as $84.67 and last traded at $84.56. Approximately 836,942 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 6,250,480 shares. The stock had previously closed at $84.11.

A number of other equities research analysts also recently commented on the company. Evercore ISI upped their price objective on Medtronic from $100.00 to $104.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Stifel Nicolaus raised their target price on shares of Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Daiwa America raised Medtronic to a “strong-buy” rating in a research report on Friday, August 23rd. JPMorgan Chase & Co. cut their target price on Medtronic from $99.00 to $96.00 and set a “neutral” rating for the company in a research report on Friday, November 15th. Finally, Truist Financial lifted their target price on Medtronic from $90.00 to $93.00 and gave the company a “hold” rating in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $95.19.

Institutional Investors Weigh In On Medtronic

Hedge funds have recently added to or reduced their stakes in the company. CreativeOne Wealth LLC boosted its holdings in Medtronic by 31.3% during the first quarter. CreativeOne Wealth LLC now owns 5,456 shares of the medical technology company’s stock worth $475,000 after purchasing an additional 1,300 shares during the last quarter. Bank of Nova Scotia Trust Co. boosted its stake in Medtronic by 18.6% during the first quarter. Bank of Nova Scotia Trust Co. now owns 100,075 shares of the medical technology company’s stock valued at $8,722,000 after buying an additional 15,705 shares during the period. Magnetar Financial LLC grew its holdings in shares of Medtronic by 120.2% during the first quarter. Magnetar Financial LLC now owns 1,394,602 shares of the medical technology company’s stock worth $121,540,000 after purchasing an additional 761,368 shares in the last quarter. Kestra Advisory Services LLC increased its holdings in shares of Medtronic by 17.1% in the 1st quarter. Kestra Advisory Services LLC now owns 148,211 shares of the medical technology company’s stock worth $12,917,000 after buying an additional 21,594 shares during the last quarter. Finally, Manhattan West Asset Management LLC increased its stake in Medtronic by 17.5% in the first quarter. Manhattan West Asset Management LLC now owns 28,377 shares of the medical technology company’s stock valued at $2,473,000 after acquiring an additional 4,219 shares during the last quarter. Institutional investors and hedge funds own 82.06% of the company’s stock.

Medtronic Trading Up 0.7 %

The company has a market capitalization of $108.63 billion, a PE ratio of 25.90, a PEG ratio of 2.42 and a beta of 0.84. The stock has a fifty day moving average of $89.07 and a two-hundred day moving average of $84.84. The company has a current ratio of 1.84, a quick ratio of 1.61 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.27 billion. Medtronic had a return on equity of 13.79% and a net margin of 13.00%. Medtronic’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 EPS. As a group, sell-side analysts anticipate that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.